Coal India, Reliance Industries, L&T, BHEL, Cipla, TCS, BPCL, IOC and Bharti Infratel were early gainers.
India's fuel demand fell 0.6 percent in March compared with the same month last year.
Consumption of fuel, a proxy for oil demand, totalled 17.36 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
Sales of gasoline, or petrol, were 2.9 percent higher from a year earlier at 2.11 million tonnes.
Cooking gas or liquefied petroleum gas (LPG) sales increased 1.9 percent to 1.89 million tonnes, while naphtha sales surged 1.8 percent to 1.15 million tonnes.
Coking coal price jumps: Edelweiss Financial says in the past 1 week, sea-borne coking coal spot price has surged by 55 percent to USD 241 per tonne due to cyclone Debbie related disruptions in Australia and subsequent force majeure declaration by BHP Billiton, Jellinbah, Rio Tinto, Peabody Energy and Glencore.
However, the surge appears temporary and impact on Indian companies would only be apparent in Q2FY18, it feels.
The brokerage house believes the Indian steel companies, as in the past, should be able to maintain the spreads through price hikes. "Our channel checks indicate that pig iron producers in East India have already increased prices by Rs 1,000-1,500 per tonne in a week. We expect other Indian steel makers to follow suit," it says.
Market Check: Benchmark indices remained firm in morning with the Sensex rising 54.42 points at 29,761.03, backed by Reliance Industries, ITC and private banks stocks.
The Nifty rose 20.30 points to 9,218.60. The market breadth remained positive as about four shares advanced for every share falling on the BSE.
Market Outlook: Pramod Gubbi of Ambit Capital highlighted that the market was seeing a revival in India as well as on the global front.
The research firm placed Sensex’s target at 31,000 for March 2018.
ubbi said that he saw 10 percent earnings per share (EPS) growth for Sensex in FY18. “I don’t think getting there is a challenge,” he added. The consensus is on the larger side, he added.
Consumption of fuel, a proxy for oil demand, totalled 17.36 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
Sales of gasoline, or petrol, were 2.9 percent higher from a year earlier at 2.11 million tonnes.
Cooking gas or liquefied petroleum gas (LPG) sales increased 1.9 percent to 1.89 million tonnes, while naphtha sales surged 1.8 percent to 1.15 million tonnes.
Coking coal price jumps: Edelweiss Financial says in the past 1 week, sea-borne coking coal spot price has surged by 55 percent to USD 241 per tonne due to cyclone Debbie related disruptions in Australia and subsequent force majeure declaration by BHP Billiton, Jellinbah, Rio Tinto, Peabody Energy and Glencore.
However, the surge appears temporary and impact on Indian companies would only be apparent in Q2FY18, it feels.
The brokerage house believes the Indian steel companies, as in the past, should be able to maintain the spreads through price hikes. "Our channel checks indicate that pig iron producers in East India have already increased prices by Rs 1,000-1,500 per tonne in a week. We expect other Indian steel makers to follow suit," it says.
Market Check: Benchmark indices remained firm in morning with the Sensex rising 54.42 points at 29,761.03, backed by Reliance Industries, ITC and private banks stocks.
The Nifty rose 20.30 points to 9,218.60. The market breadth remained positive as about four shares advanced for every share falling on the BSE.
Market Outlook: Pramod Gubbi of Ambit Capital highlighted that the market was seeing a revival in India as well as on the global front.
The research firm placed Sensex’s target at 31,000 for March 2018.
ubbi said that he saw 10 percent earnings per share (EPS) growth for Sensex in FY18. “I don’t think getting there is a challenge,” he added. The consensus is on the larger side, he added.
Japan's CA surplus: Japan's current account surplus stood at 2.81 trillion yen (USD 25.26 billion) in February, finance ministry data showed on Monday, the biggest surplus since March 2016.
The result, the 32nd straight month of current account surpluses, compares with economists' median forecast for a surplus of 2.62 trillion yen in a Reuters poll. This February's current account surplus was the largest on record for February.
The surplus reflected the trade balance rising as exports picked up pace after a Lunar New Year slowdown. The trade balance stood at 1.08 trillion yen in February, rebounding from a deficit of 853.4 billion yen the previous month.
Fed President speaks: The US Federal Reserve could begin winding down its massive balance sheet sometime later this year in a shift that would make it less necessary to raise the official funds rate, a central banker said on Monday.
Talking to reporters in Australia, St. Louis Federal Reserve President James Bullard said opinions differed within the Fed on ending its balance sheet reinvestment policy and it would take some time to agree on, but he felt it could start later in the year.
Bullard, considered a policy dove by markets, said he favoured only one more interest rate hike this year. He noted the March payroll report last Friday was relatively weak and fitted in with his view that inflation would not stray far from 2 percent.
Buzzing stock: Shares of Ajanta Pharma soared over 5 percent intraday on Monday as investors cheered the fact that no observations were issued during a regulator’s check at its unit.
“Our formulation facility at Dahej was inspected by US Food and Drug Administration (FDA) from April 3 to April, 2017. At the end of the inspection, no Form 483 was issued to us,” it said in a notification to the exchanges.
The stock recently witnessed a gain as well after Motilal Oswal initiated coverage on the stock, citing strong growth in the US. The brokerage house expected the company to be on a high-growth path in the US market, led by a healthy product pipeline and annual filings of around 12-15 ANDAs (abbreviated new drug application) over next 2-3 years, subject to subsequent approvals.
Market Check: Equity benchmarks continued to consolidate with a positive bias amid geopolitical tensions and ahead of fourth quarter earnings season that will be kicked off by Infosys on April 13.
The 30-share BSE Sensex was up 35.13 points at 29,741.74 and the 50-share NSE Nifty gained 10.70 points at 9,209 while the broader markets outperformed, rising half a percent on positive breadth.
More than two shares advanced for every share falling on the BSE.
Reliance Industries, Axis Bank, TCS, Tata Motors and Infosys were leading contributors to Sensex' gains whereas HDFC fell a percent that capped market gains.
Divis Labs was the top midcap gainer, up nearly 4 percent after the US health regulator has exempted some more products manufactured at company's unit-II, Visakhapatnam from import alert.
Oil Update: Oil prices were firm on Monday, supported by strong demand and political uncertainty in Syria, although another rise in US drilling activity kept a lid on gains.
Brent crude futures, the international benchmark for oil, were at USD 55.35 per barrel, up 0.2 percent from their last close.
US West Texas Intermediate (WTI) crude futures were up 0.33 percent at USD 52.40 a barrel.
Traders said prices were being supported by strong demand, and also political uncertainty following the US missile air strikes on Syria late last week.
EMs in focus: The tide has finally turned in favour of emerging markets (EMs) as investors are now diversifying their money from developed market such as US to EMs, market guru Mark Mobius said in an interview with CNBC-TV18.
Looking at the bigger picture for emerging markets, we are encouraged to see performance improving, and emerging markets generally outperformed developed markets in 2016, Mobius said in his latest blog. The MSCI Emerging Markets Index was up 11.2 percent, while the MSCI World Index was up 7.5 percent.
FII View: Sanjay Mookim of Bank of America Merrill Lynch says the need to cut deficits and a lack of revenue buoyancy have pushed the central government to rely more on disinvestments and dividends from public sector undertakings which have increased from 4.3 percent of the government's net revenues in FY13 to 8.3 percent in FY17.
This is a tough bill to fill, but it may become even more critical if the GST impacts core tax collections near term, he says.
According to him, the government may be forced to consider more radical means of extracting cash from its companies. Top down, this would be a basket best avoided over the next 12 months, Mookim says.
Also read - Buy, Sell, Hold: Analysts are focusing on these 5 stocks today
Market Check: Equity benchmarks started off the week on a positive note as the Nifty opened above 9200 level, backed by capital goods and oil marketing companies, despite geopolitical tensions.
The 30-share BSE Sensex was up 81.96 points at 29,788.57 and the 50-share NSE Nifty rose 25.80 points to 9,224.10.
Coal India, Reliance Industries, L&T, BHEL, Cipla, TCS, BPCL, IOC and Bharti Infratel were early gainers while HDFC, GAIL, Lupin, Asian Paints, Eicher Motors and Asian Paints were losers.
The Indian rupee opened marginally lower at 64.30 per dollar against Friday's close of 64.28.
Pramit Brahmbhatt of Veracity says next technical hurdle for rupee is 64.20/dollar. Trading range for the spot USD-INR pair will be 64.20-64 70/dollar, he feels.
The dollar started the week at three-week highs against a currency basket after a key US Federal Reserve official reinforced the Central Bank's commitment to interest rate hikes.
Asian equities were mixed on the back of heightened geopolitical tensions after a missile strike on a Syrian airfield last Friday and a move by the US military to send an aircraft carrier group near the Korean Peninsula in response to recent provocations by North Korea.
The result, the 32nd straight month of current account surpluses, compares with economists' median forecast for a surplus of 2.62 trillion yen in a Reuters poll. This February's current account surplus was the largest on record for February.
The surplus reflected the trade balance rising as exports picked up pace after a Lunar New Year slowdown. The trade balance stood at 1.08 trillion yen in February, rebounding from a deficit of 853.4 billion yen the previous month.
Fed President speaks: The US Federal Reserve could begin winding down its massive balance sheet sometime later this year in a shift that would make it less necessary to raise the official funds rate, a central banker said on Monday.
Talking to reporters in Australia, St. Louis Federal Reserve President James Bullard said opinions differed within the Fed on ending its balance sheet reinvestment policy and it would take some time to agree on, but he felt it could start later in the year.
Bullard, considered a policy dove by markets, said he favoured only one more interest rate hike this year. He noted the March payroll report last Friday was relatively weak and fitted in with his view that inflation would not stray far from 2 percent.
Buzzing stock: Shares of Ajanta Pharma soared over 5 percent intraday on Monday as investors cheered the fact that no observations were issued during a regulator’s check at its unit.
“Our formulation facility at Dahej was inspected by US Food and Drug Administration (FDA) from April 3 to April, 2017. At the end of the inspection, no Form 483 was issued to us,” it said in a notification to the exchanges.
The stock recently witnessed a gain as well after Motilal Oswal initiated coverage on the stock, citing strong growth in the US. The brokerage house expected the company to be on a high-growth path in the US market, led by a healthy product pipeline and annual filings of around 12-15 ANDAs (abbreviated new drug application) over next 2-3 years, subject to subsequent approvals.
Market Check: Equity benchmarks continued to consolidate with a positive bias amid geopolitical tensions and ahead of fourth quarter earnings season that will be kicked off by Infosys on April 13.
The 30-share BSE Sensex was up 35.13 points at 29,741.74 and the 50-share NSE Nifty gained 10.70 points at 9,209 while the broader markets outperformed, rising half a percent on positive breadth.
More than two shares advanced for every share falling on the BSE.
Reliance Industries, Axis Bank, TCS, Tata Motors and Infosys were leading contributors to Sensex' gains whereas HDFC fell a percent that capped market gains.
Divis Labs was the top midcap gainer, up nearly 4 percent after the US health regulator has exempted some more products manufactured at company's unit-II, Visakhapatnam from import alert.
Oil Update: Oil prices were firm on Monday, supported by strong demand and political uncertainty in Syria, although another rise in US drilling activity kept a lid on gains.
Brent crude futures, the international benchmark for oil, were at USD 55.35 per barrel, up 0.2 percent from their last close.
US West Texas Intermediate (WTI) crude futures were up 0.33 percent at USD 52.40 a barrel.
Traders said prices were being supported by strong demand, and also political uncertainty following the US missile air strikes on Syria late last week.
EMs in focus: The tide has finally turned in favour of emerging markets (EMs) as investors are now diversifying their money from developed market such as US to EMs, market guru Mark Mobius said in an interview with CNBC-TV18.
Looking at the bigger picture for emerging markets, we are encouraged to see performance improving, and emerging markets generally outperformed developed markets in 2016, Mobius said in his latest blog. The MSCI Emerging Markets Index was up 11.2 percent, while the MSCI World Index was up 7.5 percent.
FII View: Sanjay Mookim of Bank of America Merrill Lynch says the need to cut deficits and a lack of revenue buoyancy have pushed the central government to rely more on disinvestments and dividends from public sector undertakings which have increased from 4.3 percent of the government's net revenues in FY13 to 8.3 percent in FY17.
This is a tough bill to fill, but it may become even more critical if the GST impacts core tax collections near term, he says.
According to him, the government may be forced to consider more radical means of extracting cash from its companies. Top down, this would be a basket best avoided over the next 12 months, Mookim says.
Also read - Buy, Sell, Hold: Analysts are focusing on these 5 stocks today
Market Check: Equity benchmarks started off the week on a positive note as the Nifty opened above 9200 level, backed by capital goods and oil marketing companies, despite geopolitical tensions.
The 30-share BSE Sensex was up 81.96 points at 29,788.57 and the 50-share NSE Nifty rose 25.80 points to 9,224.10.
Coal India, Reliance Industries, L&T, BHEL, Cipla, TCS, BPCL, IOC and Bharti Infratel were early gainers while HDFC, GAIL, Lupin, Asian Paints, Eicher Motors and Asian Paints were losers.
The Indian rupee opened marginally lower at 64.30 per dollar against Friday's close of 64.28.
Pramit Brahmbhatt of Veracity says next technical hurdle for rupee is 64.20/dollar. Trading range for the spot USD-INR pair will be 64.20-64 70/dollar, he feels.
The dollar started the week at three-week highs against a currency basket after a key US Federal Reserve official reinforced the Central Bank's commitment to interest rate hikes.
Asian equities were mixed on the back of heightened geopolitical tensions after a missile strike on a Syrian airfield last Friday and a move by the US military to send an aircraft carrier group near the Korean Peninsula in response to recent provocations by North Korea.
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